24/7 Market News Snapshot 09 Aug 2024 – Above Food Ingredients Inc. Common Stock (NASDAQ: ABVE)

August 9, 2024 8:48

Press Release

DENVER, Colo., 09 August, 2024 (247marketnews.com) – (Nasdaq:ABVE) are discussed in this article.
Above Food Ingredients Inc. (ABVE) has exhibited notable market momentum, with its stock opening at $1.48 and climbing to $1.59, reflecting a 22.39% rise from the initial price. This increase follows a previous close at $1.30, with a trading volume reaching 1.2 million shares. Such performance indicates bullish trends, with investors advised to observe resistance at $1.60 and support at $1.45 to gauge sustained market strength or possible corrections.

In addition to the promising market performance, Above Food Ingredients Inc. (Nasdaq:ABVE) has entered into a definitive agreement to acquire the Specialty Crop Food Ingredient Division of The Redwood Group, LLC, in a deal valued at $34 million plus working capital. This strategic acquisition, comprising $8.1 million in cash and 5.6 million newly issued common shares of Above Food, underscores the company’s commitment to broadening its vertically integrated supply chain and expanding its range of premium ingredients and consumer products.

This acquisition is anticipated to bolster Above Food’s capability to deliver superior products, enhance supply chain efficiencies, and fuel long-term growth. The Specialty Crop Food Ingredient Division is well-regarded for its exceptional offerings and operational expertise, which will now be integrated into Above Food’s operations. This move aligns with Above Food’s mission to innovate the food supply chain by utilizing advanced agricultural practices and cutting-edge technology.

Expressing enthusiasm for the acquisition, the CEO of Above Food remarked, “We are excited to welcome the Specialty Crop Food Ingredient Division to the Above Food family. This acquisition underscores our commitment to leading the market with innovative and sustainable food solutions. We look forward to harnessing the synergies between our organizations to create unparalleled value for our shareholders and customers.”

Incorporating these assets fortifies Above Food’s leadership in the food ingredient sector, positioning it to seize new market opportunities and deliver enhanced value through its extensive supply chain. Interested parties are encouraged to stay informed via the company’s website for future updates as the acquisition progresses towards completion.

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